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VA Loans available 12 months after a Short Sale - 24 Months after Foreclosure


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The VA mortgage loans are one of the best and safest methods to use when buying a home. Now even active duty personnel can    qualify. If you are a Disabled Veteran, you may qualify for additional benefits on a VA home mortgage loan. The VA Home Mortgage Program does not limit the number of times a veteran may use the program.

The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.

Some of the benefits of the VA Mortgage Loan Program are:


• The VA Mortgage Loans is guaranteed for no money down up to $417,000
• No monthly Private Mortgage Insurance is required
• Many VA Mortgage Loans are assumable
• It is easier to qualify for a VA Loan than a conventional loan
• VA Mortgage Loans can be refinanced


No Money Down Up to $417,000

You do not have to put any money down to qualify for a VA Home Mortgage Loan for up to $417,000. If the seller agrees to pay the closing costs, you may be able to purchase the home with no out of pocket cost. The loan and sales contract can be set up so that the VA Home Mortgage Loan cover 100% of the selling price and the seller covers the closing cost.

The Veterans Administration assesses a Funding Fee to all VA loans between .5% and 3.3% of the loan amount. The fee is added into the amount of the loan to be paid over the life of your VA home mortgage loan. The VA Funding Fee replaces the much higher priced Mortgage Insurance required when you get a conventional home loan. If you are a Disabled Veteran, you may qualify to get the fee waived completely.

VA loans are also assumable. If the person assuming the mortgage is a veteran with VA eligibility, the original veteran will not be giving up the amount of eligibility that they used to get the loan a the beginning. Veterans should use great care and closely investigate the terms of an assumption before allowing someone to assume their mortgage. It is too great a benefit to give up.

Qualifying for a VA Mortgage Loan

The VA offers excellent qualifying standards. The VA does not use credit scoring in their analysis of the loan. Even if you have experienced some financial difficulties in your life that caused your scores to be low but have maintained a good payment record over the past year or so, you may qualify for a VA mortgage loan. This can be a tremendous savings compared to the cost of conventional loans when the borrower's credit scores are low. 

VA Mortgage Loans may be refinanced

VA mortgage loans have built in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan. This is called an Interest Rate Reduction Loan; the veteran can secure a lower interest rate without any credit checks, appraisal, and income or asset verification and can roll the costs of the transaction into the loan so there are no out of pocket costs.

Can my lender get my Certificate of Eligibility for me?

Yes, it's called Web LGY. Most lenders have access to the Web LGY system.

This Internet based application can establish eligibility and issue an online

Certificate of Eligibility in a matter of seconds.


How can I obtain proof of military service?

Standard Form 180, Request Pertaining to Military Records, is used to

apply for proof of military service regardless of whether you served on

regular active duty or in the selected reserves.


I have already obtained one VA loan. Can I get another one?

Yes, your eligibility is reusable depending on the circumstances.

Normally, if you have paid off your prior VA loan and disposed of the

property, you can have your used eligibility restored for additional use.

Also, on a one-time only basis, you may have your eligibility restored if

your prior VA loan has been paid in full but you still own the property.

In either case, to obtain restoration of eligibility, the veteran must send a

completed VA Form 26-1880 to our Eligibility Center.


I sold the property, can I get my eligibility restored to use for a new loan?

In this case the veteran’s eligibility can be restored only if the qualified

 assumer is also an eligible veteran who is willing to substitute his or her

available eligibility for that of the original veteran. Otherwise, the original

veteran cannot have eligibility restored until the assumer has paid off

the VA loan.

Only a portion of my eligibility is available

Can I still obtain a VA guaranteed home loan?

Yes, depending on the circumstances. If a veteran has already used a

 portion of his or her eligibility and the used portion cannot yet be

 restored, any partial remaining eligibility would be available for use.

The veteran would have to discuss with a lender whether the remaining

 balance would be sufficient for the loan amount sought and whether any

 down payment would be required.

Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

The unmarried surviving spouse of a veteran who died on active duty or

as the result of a service-connected disability is eligible for the home loan

If you have additional Questions please call us to help you with your VA loan approval.